Matthew Bradbard submits: Reform is rejected as “Mr. Market” does not like the coming changes. Oil’s performance today was similar to yesterday's, with a large trading range; prices closed virtually unchanged, remaining above the 50 day MA. Continue to use the 50 day MA as your pivot point; in August at $76.25. We expect oil to trade between $75.50 and $79 in the next week and would be willing to trade that range for aggressive clients. Natural gas exploded to the upside today, gaining nearly 7% with prices currently above the 100 day MA. Clients are advised to buy October 50 cent call spreads. The S&P is running into stiff resistance at the 200 day MA, and 1100 could prove to be a tough hurdle to overcome in the September futures. Aggressive traders could start scaling into longs, as we said in our commentary Monday. Most of our clients put on ES positions yesterday. They bought August 1150 calls and September 1075/1000 put spreads. See yesterday’s post. Stand aside in Treasuries and look to be a seller from higher levels.Complete Story »
Today in Commodities: Mr. Market Dislikes Changes
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